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. heather: good thing. all right so growing concerns for the future of u.s. cities as stoc stockton, california heads to bankruptcy court. they racked up a billion dollars in debt in two years. we hear about other places in similar situation. some are wondering whether other u.s. cities will soon follow. matt mccall is president of financial group l. l. c. and countdown to the closing bell on fox network. california's 13th largest city officially heading to bankruptcy court today. a city in detroit trying to avoid the same thing, the largest city ever to be put under state control. if i live in a small town say in mississippi, i live in a farming community out in midwest or here in the big city of new york city, why do i care, how does it effect me, liz? >> it is interesting if you are part of a municipality that is in debt. when it comes to the clip that happened here situation probably unlikely unless your city finances are in such arrears and a dire state that you too should be watching. everyone can learn a lesson with what is happening in stockton, california today. heather: ta
cities. stockton, that's the california city, flat-out bankrupt. it begins the bankruptcy journey in court today. everybody is watching. will the judge roll back city pensions and if he does, what about other california cities and town. same question for detroit, it's not technically bankrupt, but it's totally insolvent. kevyn orr runs the city and what will he do with a city with unpayable debts. everybody is watching that one. in some, some are improving, but not stockton and not detroit. ♪ >> we just outlined two american cities on the verge of or actually in bankruptcy. now how about an entire country on the verge of a flat-out depression. that's what cyprus faces, a bailout plan has been approved. bank accounts over 100,000 euros will be taxed. the russian mob losing. angela merkel, the germans winning. i'm going to call it catastrophe for the people of cyprus which is where we find rich edson. and rich, set the scene. i'm hearing that it's not chaos, it's not misery, they're actually having a party. it's a holiday today. go. >> it is a party, stuart. it is europe. the caf
stockton now on the verge of bankruptcy, if not there. these problems -- they all will start the very tryingers charlie is talking about, and it could go here. i don't think it will for a while but it will. >> the chinese have to have place to put their money. they'd rather put their money in a u.s. treasury bond. but something is going to change. there's going to be a point where maybe the germans' currency is the place to go. our deficits are so high. >> neil: you're assuming the euro goes away. >> who knows by the way. i it only takes one, when the south seceded from the north -- >> neil: get out of this club. no one gets higher ratings from young viewers or makes us a much buck -- i'm talking how it is that jay leno's boss wants him out. a lesson on corporate snakes that is all too well known. >> you know the hollen general of st. patrick, right? drove all the snakes out of ireland and then they came into the united states and became nbc executives. it's a fascinating story. we went out and asked people a simple question: how old is the oldest person you've known? we gave people a
Search Results 0 to 2 of about 3